Financial Market Preview for April 4-8

The labor market in the U.S. isn’t slowing down as the recent NFP showed another gain of 215K and a modest bump in wages. The markets are likely to keep digesting this news at the beginning of the week. Looking forward we have on this week’s agenda: Yellen’s speech, Minutes of the FOMC, JOLTS report, U.S. factory orders, GB manufacturing production, Draghi speaks, German factory orders, Japan’s current account, and RBA’s rate decision. So let’s review the economic calendar for the week of April 4th to 8th:  

(All times GMT):

Monday, April 4th

01:30 – Australia’s Retail Sales: In the previous report, the volume of retail trade rose by 0.3%;

15:00 – U.S. Factory Orders: In the last update, factory orders increased by 1.6% during February; currently, the market expectations are for a drop of 1.5% in March;

Tuesday, April 5th

05:30 – Reserve Bank of Australia – Cash Rate Statement: Last time, RBA didn’t change its cash rate, which remained at 2%. The RBA isn’t expected to move its rates this month;

08:00 – German Factory Orders: Back in the last report, factory orders decreased by 0.1% during February; the market estimates that this time factory orders bounced back by 0.5% in March;

13:30 – U.S. Trade Balance: In the last report, the deficit in the trade balance grew to $45.7 billion;

15:00 – U.S. ISM Non-Manufacturing PMI: Back in February, the PMI edged down to 53.4 — the non-manufacturing sector is growing at a slower rate. And it’s estimated to rise to 54.1 in the upcoming report, which means the non-manufacturing sector is expanding at a faster pace;

15:00 – U.S JOLTS Job Openings: The Bureau of Labor Statistics will publish its monthly report on the U.S number of job openings for February, excluding the farming industry; in the recent update for January, the number of jobs opening slipped to 5.54 million; in the next report, the number is expected to reach 5.57 million;

Wednesday, April 6th

19:00 – Minutes of FOMC Meeting: The minutes will provide another perspective as to the Fed’s monetary policy; the last few talks by FOMC members showed there is a range of opinions as the steps the Fed will need to take; the minutes could show how divided the FOMC is now given the current market conditions;

15:30 – U.S Crude Oil Stockpiles Weekly update: The EIA (Energy Information Administration) will release its weekly report on the U.S oil and petroleum stockpiles for the week ending on April 1st;

Thursday, April 7th

13:30 – U.S. Jobless Claims Weekly Report:  This weekly report will pertain to the shifts in the initial jobless claims for the week ending on April 1st; in the recent report, jobless claims increased to 276K and is expected to slightly decrease this week – the outlook is for 271K;

15:30 – EIA U.S. Natural Gas Storage: The EIA weekly report of the U.S. natural gas market will refer to the latest changes in natural gas production, storage, consumption and rates as of April 1st;

Tentative – ECB President Draghi speaks: He is expected to speak about the economic and financial situation in Europe at the Portuguese President’s Council, in Lisbon;

22:30 – FOMC Chair Yellen Talks: Janet Yellen will participate in a panel discussion at the International House, in New York;

23:50 – Japan’s Current Account: This report will present the changes in the difference between imported and exported goods, services, and income flows. In the recent monthly update, the surplus in the current account expanded to 1.49 trillion yen;

Friday, April 8th

09:30 – Great Britain Manufacturing Production: This report will show the annual rate of GB’s manufacturing production for February; in the last report regarding January 2016 the index rose by 0.7%; this time, the estimates are for a decline of 0.1%;

13:30 – Canada’s Employment Report: In the recent employment update regarding February, unemployment edged up to 7.3%; employment decreased by 2.3K;

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